Lombard Odier Asset Management Europe Ltd Makes New Investment in Spotify Technology $SPOT

Lombard Odier Asset Management Europe Ltd acquired a new stake in Spotify Technology (NYSE:SPOT) in the 1st quarter, Holdings Channel reports. The institutional investor acquired 16,153 shares of the company’s stock, valued at approximately $7,833,000.

A number of other large investors also recently modified their holdings of the stock. Principal Financial Group Inc. boosted its holdings in Spotify Technology by 12.9% in the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock valued at $374,672,000 after acquiring an additional 73,722 shares during the last quarter. City Holding Co. increased its position in Spotify Technology by 2,515.9% in the fourth quarter. City Holding Co. now owns 5,598 shares of the company’s stock worth $3,251,000 after purchasing an additional 5,384 shares during the period. Robeco Schweiz AG raised its holdings in Spotify Technology by 37.6% during the 4th quarter. Robeco Schweiz AG now owns 18,544 shares of the company’s stock worth $10,769,000 after purchasing an additional 5,071 shares during the last quarter. SBI Okasan Asset Management Co.Ltd. bought a new stake in Spotify Technology during the 4th quarter worth about $1,162,000. Finally, Robinhood Asset Management LLC acquired a new position in Spotify Technology during the 4th quarter valued at about $8,233,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the transaction, the director owned 3,619 shares of the company’s stock, valued at $1,903,594. The trade was a 60.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the sale, the director directly owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. The trade was a 84.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 111,442 shares of company stock worth $54,757,553 in the last quarter. Company insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Morgan Stanley raised their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. KeyCorp cut their price objective on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Weiss Ratings lowered shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Wells Fargo & Company dropped their target price on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a research report on Thursday, July 9th. Finally, Wall Street Zen lowered Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $630.70.

Spotify Technology Trading Up 3.0%

NYSE:SPOT opened at $483.27 on Friday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30. The stock has a market cap of $99.49 billion, a price-to-earnings ratio of 38.51, a PEG ratio of 1.19 and a beta of 1.56. The stock has a 50-day moving average price of $481.62 and a two-hundred day moving average price of $488.36.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same quarter last year, the firm posted $1.07 earnings per share. Spotify Technology’s revenue was up 8.2% compared to the same quarter last year. Sell-side analysts forecast that Spotify Technology will post 14.51 earnings per share for the current year.

More Spotify Technology News

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Several recent articles frame Spotify as a potentially attractive value or buy candidate compared with peers, which can support sentiment around the stock. XYZ or SPOT: Which Is the Better Value Stock Right Now?
• Positive Sentiment: Spotify is being highlighted as a trending stock with strong analyst interest, reinforcing the idea that Wall Street remains broadly constructive on the name. Is It Worth Investing in Spotify (SPOT) Based on Wall Street’s Bullish Views?
• Neutral Sentiment: Benchmark reportedly lowered its expectations for Spotify, which could temper enthusiasm but does not appear severe enough on its own to dominate trading. Benchmark Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price
• Negative Sentiment: A report that Spotify deleted more than 500,000 fake streams tied to Malcolm Todd has raised fraud and integrity concerns, which could be viewed as a reputational headwind for the platform. EXCLUSIVE: Spotify Deleted 500,000 Fake Malcolm Todd Streams. A Former SEC Lawyer Says the Bots May Have Committed a Federal Crime

Spotify Technology Company Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.